So, we explore whether you can still get any use out of old notes you may have lying around the house.
Are old £10 notes legal tender?
The old paper £10 notes that were withdrawn from circulation on 1 March 2018 are no longer accepted as legal tender. This means you cannot use them to buy any goods or services whatsoever. However, all is not lost, as you can exchange your old £10 notes for new ones.
Where to exchange old £10 banknotes
There are three places where you can exchange old £10 notes:
1. Swap cash or deposit old notes at your bank
The quickest and easiest way to exchange your old banknotes is to deposit them into your own personal UK bank account.
Although the Bank of England is happy to accept old notes, not all banks will be, as they aren’t legally obliged to do so. So, it’s probably a good idea to check with your bank first before you go into the branch.
2. Deposit at the Post Office or spend in branch
You could take your old notes to your local Post Office, as they may accept them as payment for goods or services. They may also allow you to deposit your money into a Post Office bank account if you have one. But you won’t be able to directly swap old banknotes for new ones at the Post Office, unfortunately.
3. Send your old money to the Bank of England
Another option is to post out of circulation £10 notes to the Bank of England. If you choose to do this, you should see the money in your bank account within ten working days. To send your old notes to the Bank of England via post you will need to provide photo ID and proof of address and fill out this form.
Bear in mind, that sending money in the post can be risky, so you need to take appropriate steps to try to prevent loss or theft.
You could request the payment by cheque instead. Or, if you’re exchanging less than £50 and you live in the UK, they can send your new banknotes in the post.
Alternatively, you could go into their branch in person. However, the Bank of England advises against doing so, unless you need new banknotes straightaway.
Can you still use old £5 notes?
No, the old paper £5 notes went out of circulation on 5 May 2017, so you can no longer use them as they’re no longer accepted as legal tender.
Can you still exchange old £5 notes?
While you can no longer spend old £5 notes, you are still able to exchange them for new money by:
- depositing them into your own personal UK bank account
- spending them in the Post Office or depositing them into a Post Office bank account
- posting or taking them to the Bank of England.
When will the paper £20 and £50 be withdrawn?
The paper £20 and £50 notes will be withdrawn in September 2022. The last day you’ll be able to use them is 30 September 2022. After that date, they’ll no longer be classed as legal tender. So, the Bank of England is trying to encourage people to either spend them or deposit them at their bank in advance.
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